The global financial turmoil could force Saudi Arabia's banks to slash their foreign assets and channel them back into the Gulf Kingdom, a former Saudi Finance Ministry official said yesterday.
Abdullah Al Quwaiz said such a move would deprive the banks from good income but added that the loss could be offset by growing investment opportunities in Saudi Arabia due to lower lending by foreign banks.
Quoted by Saudi newspapers, Quwaiz said Saudi banks would be more affected by the global economic crisis than other sectors in the Kingdom.
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